Business Context and Reporting Period
This Form 8-K, dated May 5, 2023, is filed by PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the "Company"). The filing serves to announce the results of operations for the three-month period ended March 31, 2023.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the press release furnished as Exhibit 99.1, which is incorporated by reference but not detailed in the body of this report.
Material Changes
The document does not explicitly list material changes versus the prior comparable period. It notes that the Company utilizes non-GAAP financial measures to evaluate operations, which exclude items such as net unrealized mark-to-market gains/losses on economic hedges, changes in unrealized gains/losses on investment securities, and pension expenses related to previously disposed gas distribution businesses.
Guidance, Outlook, and Management Commentary
- Non-GAAP Measures: Management uses "ongoing earnings" and "ongoing diluted earnings per share" to assess performance and set goals, believing these metrics remove variances not indicative of fundamental earnings capacity.
- Guidance Limitations: The Company provides ongoing earnings guidance but explicitly states it does not intend for this to represent an expectation of GAAP net earnings. Management notes it is generally unable to estimate the impact of reconciling items on forecasted GAAP earnings without unreasonable effort.
- Reconciling Items: Differences between GAAP and ongoing earnings may include revenues/expenses from non-normal transactions, hedge mark-to-market adjustments, and investment security valuation changes.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated May 5, 2023) for specific GAAP and non-GAAP financial results for the quarter ended March 31, 2023.
- Verify the reconciliation between reported GAAP earnings and the Company's "ongoing earnings" guidance.
- Assess the impact of excluded items (hedge mark-to-market, investment securities, pension expenses) on the reported bottom line.
- Confirm that the filing is furnished under Item 2.02 and is not deemed "filed" for liability purposes under Section 18 of the Exchange Act.